Bulgaria's Soaring Prices Match the Netherlands, but Wages Lag Drastically Behind
Bulgaria has now reached the price levels of Western European countries, while its citizens continue to earn salaries that are significantly lower
Total expenditures per person in a household in the third quarter of 2016 amounted to BGN 1,223, an increase of 4.7%, compared to the third quarter of 2015.
The highest relative share of expenditures was reported for food (31.6%), household expenses (16.7%), taxes and social security contributions (11.6%), transport and communications (10.8%), announced the National Statistical Institute (NSI).
Compared to 2015, expenditures on food and soft beverages increased from BGN 380 to BGN 387, while household expenses (water, electricity, heating, furniture and home maintenance) rose from BGN 194 to BGN 204. Transport and communications expenses rose from BGN 130 to BGN 132. Health expenses grew from BGN 58 to BGN 64. Expenditures on alcohol and cigarettes remained unchanged – BGN 54. Leisure time, culture and education expenses rose from BGN 67 to BGN 80.
Total income per person in a household in the third quarter of 2016 was BGN 1,309, an increase of 3.7%, compared to the same period of 2015.
The highest relative share was reported for income from wages (54.1%), followed by pensions (28.3%), free-lance activities (6.5%) and social benefits (3.2%), announced NSI.
Compared to 2015, income from wages increased from BGN 703 to BGN 708. Free-lance income shrank by 10.1% - from BGN 94 to BGN 85. Income from pensions increased from BGN 324 to BGN 371. Social benefits grew from BGN 39 to BGN 43.
The Bulgarian National Bank (BNB) projects that Bulgaria’s real GDP will continue expanding steadily over the coming years
Two leading global credit rating agencies, Fitch Ratings and S&P Global Ratings, have raised Bulgaria’s long-term foreign currency credit rating to ‘BBB+’ with a stable outlook, marking the highest level in the medium investment-grade tier
The adoption of the euro inevitably brings a degree of unease and uncertainty, much like the introduction of the currency board in the 1990s
Loan interest rates in Bulgaria are expected to stay stable even after the transition to the euro
The Ministry of Finance has introduced an online currency conversion calculator, now available on the official euro adoption website for Bulgaria - evroto.bg
The Bulgarian National Bank (BNB) is launching the minting of Bulgarian euro coins this week
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